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Surge in Instrument Sales Helps Qiagen Post 21-Percent Revenue Growth in Q4

NEW YORK (GenomeWeb News) — Qiagen today said fourth-quarter revenue rose 21 percent as R&D spending increased 14 percent and net income widened 15 percent.
 
Total receipts for the three months ended Dec. 31, 2006, rose to $125.9 million from $104.3 million year over year. The increase was in part caused by a 47-percent increase in instruments sales, the company said.
 
Qiagen CEO Peer Schatz said 4 percent of the new revenue in the quarter came from the addition of 67 new products in 2006, including sample and assay technologies for research in the areas of epigenetics, gene expression, micro RNA, proteomics, RNAi, applied testing, and molecular diagnostics.
 
R&D spending increased to $11 million from $9.7 million year over year.
 
The company said profit increased to $19.5 million $16.9 million in the year-ago period.
 
Qiagen said it had around $430 million in cash and equivalents and $52.8 million in short-term investments as of Dec. 31, 2006.
 
The company said it expects 2007 revenues to increase to between $518 and $535 million from the $466 million it generated in 2006.
 
Schatz said the company plans to expand its sample and assay portfolio and expects to make “a significant investment in clinical trials” for new diagnostic products.

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